The old round pound: Everything you need to know

Around 500 million old round coins are still lying around in wallets, pockets and piggy banks up and down the country.

"So our message is: bring your old coins to Iceland and I'm sure you will be amazed at what you can buy for a pound".

From Monday 16 October, retailers will no longer be required to accept the old "round" United Kingdom pound coin, which is being replaced by a new twelve-sided coin.

"We are keen to help our customers by making it possible for them to spend them in our stores rather than having to take them to a bank".

People can also deposit them into any of their usual high street banks through the Post Office after this date.

The firm's Daniel Cowen said: "With so much to think about and do, it is understandable many parents and kids have missed news about the pound coin switch-over".

Meanwhile, supermarket giant Tesco said that it will accept the coins at its tills and self-service machines for an additional week, and has updated its trolleys so that they accept both the old and new coins.

One pound coins were first launched on April 21 1983 to replace £1 notes.

"After October 15, the 12-sided £1 coin will be the only £1 coin being spent in the United Kingdom".

The new coin, which is created to be more secure, went into circulation earlier this year.

The production of the new coins follows concerns about round pounds being vulnerable to sophisticated counterfeiters. But there may be some cases where people find they are caught short.

The transition to a different shape coin has meant everything from vending machines to parking meters have had to be adapted to take the new coinage - costing businesses thousands.

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